The foundit Insights Tracker (FIT) for Malaysia has unveiled a notable 9% increase in hiring demand annually as of February 2024.
The fit index shows a positive trend compared to the same period last year. Despite a 5% month-on-month decline, overall trajectory reflects a positive outlook on an annual basis.
The tracker also highlights a gradual yet consistent upward trend, with a 5% growth observed over the past six months, underscoring positive momentum across various industry sectors.
This optimistic trajectory is notably influenced by favorable economic conditions and the burgeoning startup ecosystem in the region.
Hiring Trends – Industry
6 out of 10 industries monitored by the FIT have witnessed an annual increase in hiring activity in February 2024.
In Demand:
- The Retail sector leads the pack with an impressive 148% annual growth, driven by the expansion of flagship units and robust consumer demand.
- Hospitality follows closely with an 83% surge annually, reflecting strong double-digit growth in the sector.
- Engineering, Construction, and Real Estate exhibit significant annual growth of 59%, fueled by notable Foreign Direct Investment (FDI) opportunities and technological advancements.
Challenges Faced:
- The BFSI sector experiences a consecutive annual drop of 28%, with the Oil and Gas sector witnessing a sharp 22% decline, marking the steepest annual decrease.
- The IT, Telecom/ISP, BPO/ITES sector records a 7% annual dip amidst global headwinds.
Notable Growth:
- The Logistic, Courier/Freight/Transportation, Shipping/Marine sector demonstrates excellent growth, with a notable 24% increase annually, benefiting from the ongoing global supply chain shift.
- Advertising, Market Research, Public Relations, Media, and Entertainment sector witness an 18% annual increase in demand, reflecting an upsurge in hiring activity.
Hiring Trends – Functional Area
5 out of 10 functional areas tracked saw an annual increase in online recruitment activity.
In Demand:
- Engineering/Production and Real Estate roles witness remarkable growth of 48%, aligned with green economic development goals.
- Sales & Business Development professionals experience an exceptional surge in demand at 42% annually, closely followed by Marketing & Communications roles at 41%.
Challenges Faced:
- Finance & Accounts roles see a significant (-13%) annual drop, attributed to reduced demand in the BFSI sector.
- Purchase/Logistics/Supply Chain, Hospitality & Travel, and Software, Hardware & Telecom sectors register an annual decline in hiring demand in February 2024.
About the foundit Insights Tracker
The foundit Insights Tracker (fit) Malaysia, earlier known as the Monster Employment Index, is the leading guide to Malaysia’s e-recruitment landscape. By examining millions of job listings, fit provides insights into the hiring trends in Malaysia.
